LATEST: Boy band svengali Lou Pearlman faces up to 25 years in prison and a $1 million (GBP500,000) fine after pleading guilty to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding.
In court in Florida on Thursday (06Mar08), the man behind the Backstreet Boys and N' Sync, Pearlman made his plea official.
As part of the plea deal, Pearlman has agreed to work with federal agents to recover as much of the $300 million (GBP150 million) he is accused of stealing from investors.
He is also suspected of defrauding another $100 million (GBP50 million) from banks.
The shamed businessman told the court, "I'm accepting full responsibility."
Pearlman also acknowledged setting up a fake accounting firm to create business documents and tax returns for himself and his companies and he also admitted using the signature of a deceased former associate to stall repayment bids.
He will be sentenced on 21 May (08).